From Wednesday 2nd July, Santander is set to reduce interest rates by up to 0.16% across its residential and buy-to-let mortgage ranges.
The rate cuts apply to various product lines, including those for home movers, first-time buyers, new builds, remortgages, and buy-to-let borrowers.
These changes are available to all customers, regardless of whether they apply directly through Santander or via a mortgage broker.
This is in line with Santander’s “no dual pricing” policy, which ensures brokers have access to the same deals as direct applicants.
For first-time buyers, reductions will apply across a selection of products with loan-to-value (LTV) ratios between 75% and 85%.
For instance, the 75% LTV 2-year fixed rate mortgage with a £999 fee will see a rate reduction of 0.05%, bringing it down to 4.02%.
Similarly, the 85% LTV 2-year fixed rate mortgage with a £999 fee and £250 cashback will also be reduced by 0.05%, now offering a rate of 4.23%.
For 5-year fixed rate products, the 75% LTV option with a £999 fee will drop by 0.10% to a rate of 4.13%, while the 85% LTV product with the same fee and cashback incentive will decrease by 0.16% to 4.21%.
Home movers will also benefit from rate reductions on products with LTV ratios from 60% to 90%.
The 60% LTV 2-year fixed rate product with a £999 fee will be reduced by 0.05% to 3.90%.
The equivalent 75% LTV product will also drop by 0.05%, to 3.98%.
On 5-year deals, the 60% LTV product will see a rate cut of 0.03% to 3.98%, while the 90% LTV option with a £999 fee and £250 cashback will decrease by 0.03% to 4.37%.
For new build first-time buyers, similar reductions apply.
A 75% LTV 2-year fixed rate New Build Exclusive with a £999 fee will be cut by 0.05% to 4.02%, and the 85% LTV equivalent with a £999 fee and £250 cashback will also be reduced by 0.05% to 4.23%.
On 5-year fixed deals, the 75% LTV New Build Exclusive with a £999 fee will drop by 0.10% to 4.13%, while the 85% LTV version with the same fee and cashback will fall by 0.16% to 4.21%.
Home movers purchasing new builds will see reductions as well.
The 60% LTV 2-year fixed rate New Build Exclusive with a £999 fee will decrease by 0.05% to 3.90%, and the 75% LTV version will also fall by 0.05% to 3.98%.
On 5-year fixed rate New Build Exclusives, the 60% LTV product with a £999 fee will drop by 0.11% to 3.90%.
The 75% LTV option will be reduced by 0.04% to 4.10%, while the 90% LTV product, also with a £999 fee and £250 cashback, will decrease by 0.03% to 4.37%.
Buy-to-let purchase mortgages will also benefit from rate cuts.
The 60% LTV 2-year fixed rate with a £1,749 fee will be reduced by 0.10% to 3.99%, and the 75% LTV equivalent will also fall by 0.10% to 4.15%.
For 5-year fixed rate Buy to Let deals, the 60% LTV product with a £1,749 fee will be cut by 0.10% to 4.12%, while the 75% LTV version with the same fee will see the rate reduced by 0.10% to 4.22%.
